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Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
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Re: Inquiry for opening a checking account?

i switched accounts from one state to another (same bank) because they kept losing my deposits.  hard inquiry and i've been with them for years.  i am presently trying to it to a soft. no luck yet but lots of phone calls.
Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
0

Re: Inquiry for opening a checking account?

how did you dispute? i have been trying for months.
Frequent Contributor
db23
Posts: 342
Registered: ‎06-16-2007
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Re: Inquiry for opening a checking account?



fused wrote:







db23 wrote:
Check the fine print, I know both BofA and Citibank hit hard to open up a checking account. If it's in the fine print, which it is for at least those two, then they have PP.





Fine print or not this can be challenged, disputed or what have you. Opening a savings or checking account (w/o overdraft protection) is NOT an application for credit. The FTC section 604 clearly states under what circumstances your credit can be reviewed. The confusing part is what does reviewed mean, a soft or a hard.


If my bank hit me with a hard inquiry simply by opening an account and not applying for credit, I would dispute with the CRAs that the inq is not mine...I didn't apply for any new credit. Just because the bank says they're going to hard you doesn't mean they have the legal right to.





If you are agreeing to a credit check in a contract to open an account with a bank then they have every right to check your credit. If this means a hard pull then so be it. FWIW BofA hit me twice on TU to open up a single checking account, but no big deal so long as it's only TU I really don't care.

With your way of thinking then I'd say that a CU has no right pulling a hard just to become a member, which MANY if not MOST do. Also then a cellular provider would have no right either, being that any cellular provider I've ever had has always billed up front, so they aren't providing "credit", same goes for regular telcos and cable/sat companies.

Whether you want to dispute them is up to you, but if you want the service and agree to a credit check then they technically have PP.
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fused
Posts: 16,378
Registered: ‎03-12-2007
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Re: Inquiry for opening a checking account?

Why banks get away with this who knows but I simply do not agree with you. PP is more than just signing something. This is very misleading and IMHO breaking laws. Most people don't know the laws and don't care, I do. According to FTC there is nothing that even suggests a bank can review one's credit file just because they feel like it. In order for the bank to have true PP there must be an application for credit. Period!
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

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MeganML84
Posts: 388
Registered: ‎09-06-2007
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Re: Inquiry for opening a checking account?



fused wrote:
Why banks get away with this who knows but I simply do not agree with you. PP is more than just signing something. This is very misleading and IMHO breaking laws. Most people don't know the laws and don't care, I do. According to FTC there is nothing that even suggests a bank can review one's credit file just because they feel like it. In order for the bank to have true PP there must be an application for credit. Period!


I have not read the Patriot Act, but IMveryHO, I do not think PP matters with the Patriot Act and banks. Obviously they are not breaking any laws or this practice would have been stopped a long time ago.
 
Why is it PP for an insurance company to pull your report before they give you a quote? It is not, but it is an indicator as to how risky a customer you are.
 
It is not fair, but I am sure we will all have to get used to it unless we elect better people into office next year... or else they will be pulling your credit report before you can cross the street.
Wisdom doesn't automatically come with old age. Nothing does - except wrinkles. It's true, some wines improve with age... but only if the grapes were good in the first place.
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db23
Posts: 342
Registered: ‎06-16-2007
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Re: Inquiry for opening a checking account?


MeganML84 wrote:
Obviously they are not breaking any laws or this practice would have been stopped a long time ago.




Actually the practice is relatively new. So I guess more or less untested.

Don't misunderstand me Fused, I agree that they shouldn't be pulling my CR for anything that has nothing to do with credit. But we're talking you essentially giving them PP by agreeing to their terms when applying for a checking account or whatever...
Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
0

Re: Inquiry for opening a checking account?

how did you dispute it pizza?  I have called every dept. I can think of, filed a complaint and they still tell me it's automatic.Excuseee meeeeeeee. they are the ones who kept losing my deposits.
Thanks
Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
0

Re: Inquiry for opening a checking account?

update--i have finally gotten someone at the top to talk to me.  they tell me there's a little sign on the desk at the bank that informs you of the credit pull.  since i was already a customer and at their suggestion i switched accounts from state to state i was not looking for little signs and assumed bank would tell all i needed to know.  even the banks don't trust their old customers.  make sure you look all around your bank for little signs if you need info.  it is not made available by live person. can you tell i am peepeed off?
Frequent Contributor
MeganML84
Posts: 388
Registered: ‎09-06-2007
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Re: Inquiry for opening a checking account?



casinoannie97 wrote:
 
 can you tell i am peepeed off?


HAHA--I'm sorry, peepeed? Hahah....
 
I dont mean to make light of your situation, that is just funny.
Wisdom doesn't automatically come with old age. Nothing does - except wrinkles. It's true, some wines improve with age... but only if the grapes were good in the first place.
Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
0

Re: Inquiry for opening a checking account?

i got a call from my bank today and they are removing the inquiry.  I had to write them a letter and send copy of credit report showing inquiry.
Needless to say i am pleased and hope this helps anyone with same problem.
 

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